BRIDGEPORT, CT - JANUARY 17, 2019
People's United Bank, N.A. a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), has acquired VAR Technology Finance, a private, independent leasing and finance company that supports equipment sales through its financing programs within the technology channel for small, medium and large technology manufacturers, software companies and resellers. Headquartered in Mesquite, TX, VAR Technology Finance will become a division of People's United's operating subsidiary, LEAF Commercial Capital, Inc. ("LEAF").
"We are pleased to welcome VAR Technology Finance and their specialized experts to People's United Bank," said Jack Barnes, Chairman and CEO of People's United Financial. "VAR's sole focus and knowledge of the technology sector for nearly 30 years is a critical component of this acquisition, allowing us to further expand our equipment leasing and finance offerings into the technology sector. VAR will be a valuable addition to our equipment finance portfolio and enhance the client experience."
"With People's United and LEAF, we will strengthen our infrastructure and access to capital and marketing capabilities, allowing us to accelerate growth and expand resources to better serve our clients," said Gary Sutton, President and CEO of VAR Technology Finance.
Established in 1990 by President and CEO Gary Sutton, VAR Technology Finance provides financing for commercial and public sector customers of large technology suppliers that sell through the Information Technology channel, using an industry-focused software platform and private label programs. They have over 25,000 direct end-user customers in commercial and public sectors, including small, medium and Fortune 1000 companies, in addition to K-12 and universities. In 2018, VAR produced approximately $180 million in originations, and ranked among the top private, independent equipment finance companies nationwide for new business volume. VAR Technology Finance will maintain their existing brand and become a division of LEAF. Since its founding in 2002, LEAF has financed over $6.8 billion for more than 250,000 customers nationwide.
"VAR has been an existing business partner for many years and has a strong brand and reputation in the technology sector," said Crit DeMent, Chairman & CEO of LEAF. "We have a deep understanding of their business model, a similar culture, and look forward to leveraging the many synergies that exist to better serve clients and strengthen our position as a leading tech-industry lessor."
Hovde Group, LLC served as financial advisor and Hodgson Russ LLP served as legal counsel to People's United.
Jackson Walker LLP served as legal counsel to VAR Technology Finance.
About People's United Bank
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), a diversified financial services company with $40 billion in assets. People's United Bank, founded in 1842, is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of nearly 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine.
About LEAF Commercial Capital, Inc.
LEAF Commercial Capital, Inc. is headquartered in Philadelphia, PA, with offices in Moberly, MO, Orange, CA and Baltimore, MD. From the server room to the office to the factory floor, wherever customers need equipment, we make it affordable. Trusted by nearly 250,000 companies of all sizes across the U.S., LEAF Commercial Capital, Inc., with the expanded strength of People's United Bank, offers customized financing that helps customers solve real problems. When businesses need financing, or need to offer financing – they achieve more with LEAF. Learn more at www.LEAFnow.com.
About VAR Technology Finance
VAR Technology Finance partners with major technology manufacturers, software companies and resellers to provide customer financing and a sales platform that grows sales and increases market penetration for our vendor partners. VAR provides capital, technology, people, sales support and all other necessary resources to create a captive finance arm or captive-like entity on behalf of technology vendors. As a result of VAR's extensive technology channel experience, highly focused and specialized software platform, VAR is able to accelerate sales growth for our technology vendor partners.